Dick Cheney on Social Security

Vice President of the United States; Former Republican Representative (WY)

Social Security will go bust without individual investment

Q: How will you protect Social Security?

CHENEY: It’s provided benefits for senior citizens, for my parents. Gov. Bush and I want to make absolutely certain that the first thing we do is guarantee the continuation of those payments. We know when the
baby boom generation’s coming. That’s going to drive the system into bankruptcy unless we reform it. The reform we offer is to allow young people to take a portion of the payroll tax, 2%, and invest it in a personal retirement account. First, it gives
them a stake in the Social Security system. That becomes their property. They own it. They can pass it on to their kids if they want. Secondly, today, you get about a 2% return; we can generate at least 6%. And by generating a bigger return, we’ll put
additional funds into the system that will help us survive that crunch that’s otherwise going to hit in the future. They don’t reform Social Security at all. They add another huge obligation on top of it that future generations will have to pay.

Source: Vice-Presidential debate
Oct 5, 2000

Partially privatizing Social Security is acceptable

Cheney supports the GOP platform, which says about Social Security:

Personal savings accounts must be the cornerstone of restructuring.

Each of today’s workers should be free to direct a portion of their payroll taxes
to personal investments for their retirement future.

It is crucial that individuals be offered a variety of investment alternatives and that detailed information be provided to each
participant to help them judge the risks and benefits of each plan.

Today’s financial markets offer a variety of investment options, including some that guarantee a rate of return higher
than the current Social Security system with no risk to the investor.

Choice is the key. Any new options for retirement security should be voluntary, so workers can choose to remain in the current system or opt for something different.

Source: Republican party platform 2000, “Retirement”
Aug 15, 2000

Save Social Security; stop talking & dividing generations

For eight years, Clinton and Gore have talked about Social Security reform, never acting, never once offering a serious plan to save the system. I have every confidence they’ll go right on talking about it. Those days are passing too. There will be no
more spreading of fear and panic, no more dividing of generations against one another, no more delaying and excuse making and shirking of our duties to the elderly. George W. Bush and I, with the united Congress, will save Social Security.

Source: Speech accepting nomination for Vice Presidency
Aug 2, 2000

End earnings test; allow retirement income under SSI

Cheney co-sponsored the following bills in Congress:

H.R.4450 (1986):A bill to make permanent the continued payment of SSI benefits to individuals who work despite severe medical impairment.

H.R.3794 (1988):A bill to phase out the retirement
earnings test and to exclude certain earnings in post-retirement years from benefit computations.

H.R.58 (1989):A bill to remove the limitations upon the amount of outside income which an individual may earn while receiving benefits thereunder.

Source: Thomas Register of Congressional Votes
Jan 1, 1988

Raise annual IRAs to $2,500; more cost-of-living increases

Cheney co-sponsored the following bills in Congress:

H.R.765 (1984):A bill to increase to $2,500 the maximum deduction for contributions to retirement savings.

H.R.3028 (1984) & H.R. 980 (1986):A bill to disregard tax-exempt interest
in computing the amount of social security benefits included in income.

H.R.6019 (1984):A bill to eliminate the 3 percent trigger for cost-of-living increases in benefits under the old-age, survivors, and disability insurance program.

Source: Thomas Register of Congressional Votes
Jan 1, 1984

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